My fiance has agreed to allow me to buy in on the home he ow

mfarrell · Joined: 07 Feb 2008 Posts: 2 1.53 Dollars($)

I am going to pay him half of the equity he has in the home and then we will split the mortgage pmt 50/50 making everything equal and equitable. How do we go about protecting the interest of both parties, but at the same time making it legally binding to both parties? His interest rate is low enough that refi is more costly so we are trying to come up with a more economical method to achieve this transition.

gmakerley · Posted: Thu Feb 07, 2008 9:56 am Post subject:

as with about 95% of my posts, i will be consistent in suggesting that you retain legal counsel to guide you.

i am gratified, mfarrell, that you recognize that each of you has different legal interests, especially since you are not yet married.

i think you will find it equitable and reasonable to have an attorney (or attorneys, if you feel it necessary) to represent you and draw up proper documentation in this case.

mfarrell · Joined: 07 Feb 2008 Posts: 2 1.53 Dollars($)

so much for an economical solution

gmakerley · Posted: Thu Feb 07, 2008 10:38 am Post subject:

huh? i take it you mean that you prefer not to pay a lawyer. clearly, you have that option. but, please don't take any advice that you get on this forum to be valid from a legal standpoint - it may cost you more in the long run if you do.

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